There's alotta folks waiting in vain and the next step, either way, could indeed spur the herd.

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As it stands, rotation stationis trumping outright migration as the metals stand out to the upside. This is strong relative action, particularly on the heels of the incremental downtick of Iran tension premium. I continue to feel that gold is the best relative bet across the spectrum of asset classes.

"If the markets breakout from these levels and complete the cup & handle formation this would be a confirmation that the market is not yet ready for a serious correction. Conversely, a break back down through the neckline of the double bottom on any kind of volume could signal a re-test of the March lows." Professor Kevin "Tickle me Tuttle" in his excellent morning Cup O Joe.

I've always been a big believer of being proactive rather than reactive, particularly when it relates to stepping in front of conventional wisdom. Still, if you haven't read Kevin Tuttle's opener, I think he does a fabu job of depicting our current juncture. There's alotta folks waiting in vain and the next step, either way, could indeed spur the herd.

The first thing I thought of when I read about the ApolloIPO? The FIG Newton column and the potential for the last bastion of bubbles to emerge.

How's it hangin'? Cause baby from the back this chart is bangin'...Watch the homies, O-Dog, as the HGX is at an uber-important level. If Boo puts a cap in this index, you could see folks boarding up their windows throughout the neighborhood.

The weekly Investor's Intelligence survey finds an increase in bullish sentiment to 50.6% from 48.4% last week and a drop in bearish sentiment to 25.8% from 28.9% prior. Those expecting a correction fell to 23.6% from 24.1%.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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